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The Real Deal NYC

Shipping magnate’s widow won’t leave Pierre Hotel apartment

A woman is refusing to leave her late husband’s Pierre Hotel apartment, even thought’s been sold for $10 million, the New York Daily News reported. Tara Kulukundis’ husband, Greek shipping magnate Michael Kulukundis, died in 2010, leaving behind $81 million worth of real estate saddled with debt. Though the executor’s of Michael’s estate sold the apartment in September 2016, the 73-year-old widow has refused to turn over the ultra-luxury pad, according to a petition filed […]

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Lily Guo, Chatham to bring $48M LIC condo project to market

Flushing-based Lily Guo submitted a condominium offering plan for 46-20 11th Street in Long Island City, records with the New York state Attorney General’s office show. The development partnership, which includes Harvey Gessin’s Chatham Development, plans to bring 42 condo apartments to market with a total project sellout price of $48.1 million. Guo is the president of the American Regional Center for Entrepreneurs, and company that raises money for real estate projects through the EB-5 […]

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At the desk of: Laurie Zucker

From the December issue: Laurie Zucker, 61, serves as vice chair of the Zucker Organization and its property management arm Manhattan Skyline, where she oversees 2,200 apartments in New York City and more than 200 commercial properties across the country. The company — which her father, Donald Zucker, founded in 1961 — began as a mortgage brokerage but went on to build roughly 30 ground-up residential and commercial projects and acquire thousands of apartments over the […]

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PHOTOS: The Real Deal and Claremont Group unveil Piet Boon-designed amenity suite at 101 Wall

The Real Deal and Claremont Group joined forces to debut the 10,000-square-foot, Piet Boon-designed amenity space at 101 Wall Street, an office-to-condo conversion in the Financial District. TRD publisher Amir Korangy and firm principal Alex Lari hosted an exclusive group of residential brokers to test out the multi-level suite, which includes a golf simulator, rooftop terrace and training studio. For an inside look at the event, check out the above slideshow. All photos by Erica Press for The […]

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Savanna raises $600M fund, its largest yet

Savanna completed the raise of nearly $600 million for a new value-add fund, the private-equity firm’s largest fund to date. The Midtown-based firm headed by Christopher Schlank and Nicholas Bienstock raised $591 million at the final closing for its fifth fund, which already picked up a pair of Manhattan properties this year, the company announced Wednesday. “Having acquired two fantastic properties in prime locations with significant opportunities to add value, we are well underway in […]

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Republicans claim they’ve reached a deal on tax overhaul

House and Senate Republicans say they’ve agreed to a framework on a tax overhaul bill, which Congressional leaders said should be approved next week. As of Tuesday night, House and Senate negotiators were considering limiting deductions for mortgage interest loans to $750,000, according to Bloomberg. The House version had previously suggested a $500,000 cap, down from the current $1 million. Despite public claims that the agreement between House and Senate Republicans was a done deal, […]

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Westchester & Fairfield Cheat Sheet: Battle for Bridgeport casino project intensifies, American Christmas warehouse sells & more

American Christmas warehouse in Mount Vernon sold for $11.85M An Austria-based company paid $11.85 million to buy American Christmas — or at least the festive lighting company American Christmas Inc. and its Mount Vernon warehouse. The 110,000-square-foot building sits on 2.25 acres off of Warren Place. It has housed the festive lighting business of American Christmas since 2010. MK Illumination, which is the largest festive lighting company in Europe, will move its U.S. headquarters to […]

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Developers, find distressed properties with our list of IRS liens

A developer looking for distressed properties to purchase has a few options on how to sniff them out. The most obvious way to determine whether a property is in trouble is to monitor the progress of its permits. Buildings with years between development steps, such as the time between when a project is filed with the Department of Buildings and when it receives its permit, signal to potential investors, lenders and interested developers that the […]

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Xinyuan, pioneering Chinese developer in NYC, dismantles local team

When Xinyuan Real Estate paid $54 million for a Williamsburg development site in 2012 with plans to build a luxury condominium, the project was heralded as the first go-it-alone venture by a mainland Chinese firm. Two more deals — including last summer’s $66 million acquisition of the RKO Keith’s Theater in Flushing — gave the publicly-traded firm nearly 1 million square feet of New York condo product in its pipeline. But in recent weeks, the […]

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JLL goes high tech to track shopping habits

JLL signed a deal with a firm that analyzes pings sent from mobile devices to track consumer shopping habits, the latest indication that the notoriously low-tech commercial real estate industry moving to catch up with the times. The world’s second-largest CRE services firm cut the two-year deal with Atlanta-based Alexander Babbage, which JLL said will provide valuable information to landlords and retailers about buying, selling and leasing shopping centers, the Wall Street Journal reported. The […]

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